Impact of mileage on value

[Ozark]

I'm considering purchasing a family member's 1986 Carrera coupe with ~300k miles (odometer broke at 265k). It has been a 20-year daily driver and I just had a PPI by its long time mechanic. The engine's tired with poor leak down and compression numbers (rings) but surprisingly uses little oil and runs and drives well. New brakes, tires. 15" Fuchs. Recent clutch. Prussian Blue, mostly original paint. Heads were done 5 years ago but it will eventually need at least a bottom end rebuild. Rust in the sills and right windshield corner. AC disconnected, heater boxes disconnected. The mechanic estimated the value at $12 - $15k. I can probably buy it for $10k. My question is, what kind of value would a car with this many miles have if brought into say a #4 condition? I can't find many high milage cars for comparison. I'm a long time 356 owner and not afraid of some work but I don't want to get too far upside down. I'm just looking for a fun driver.

[Matt Monson]

Hard to get hurt at $10k.

[nixtfy]

Yeah I agree. Buy this or buy a boxster.. Most people would jump at a 86’ for 10k even if it was a parts car.

[Otter74]

It's going to need a rebuild soon if you drive it much and the rust is going to hurt the value to someone else, but for a fun car to drive for a while it doesn't seem like you can go wrong for $10k, and if you've got the money and/or time for a rebuild, you can drive it for a long time. I'd buy it in a minute for that. You could sell the engine as-is for more than that.

[NYNick]

Hard to believe you can get any running and driving Carrera for $10k these days. Run over there with cash.

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[Nick Triesch]

I have not heard of a Carrera for $10K for years and years!!!!!!go buy it!!!!!!!!!

[Ozark]

Thanks for the feedback and support. I pulled the trigger for a kinfolks deal! Now to get it from Delaware to Arkansas. Any recommendation for dependable car shippers?

[Ozark]

Quick followup to my original question: If I correct all of the flaws in this car, including refreshed engine and transmission, will it ever be worth more than a #4 condition car due to the mileage alone? Hagarty doesn't seem to factor mileage.

[micah]

You seem to be pretty heavily focused on the mileage aspect - is this a planned flip? That would change the dynamic for me if this is the case, and I personally would not go chasing originality at any point here. I'll explain below.

My first concern would be the rust. Rust, while not necessarily rare in these at this point, is uncommon enough to make folks nervous. And I guarantee you that if you can see it, it's way worse than you think.

If you are having someone else do the work, then making it correct will probably cost somewhere around $10-15K by the time you are complete (depending on what quality you go with).

Your mechanical concerns also sound like $10-15K to me to sort if a shop is doing it. Subtract $8k of labor if you are doing it.

f you paid $10k, you are now at ~$30-40k, which is about right for a nice driver. The benefits of your car over the typical driver are fresh engine and paintwork. The downsides are the chassis mileage and the history of (potentially extensive) rust repair.

Because of this, I would downplay the mileage comparison by discarding originality and making it "special." Seats, ducktail, have the engine breathed on while you are in there, AC delete, not just disconnect, etc. I would leave the originality argument to the documented 100-150k mile cars.

It will be more fun for you this way as well. Not worrying about originality will make things less stressful when you hit roadblocks. You will be able to drive it in various states of "completeness" without thinking about where you are going to get new factory door jamb stickers.

Now, re: your "don't want to get too far upside down" concern... if you open it up, and there's big rust that someone else is repairing, then you are upside down. I would be ready for that. Same with if you get into the motor and you start in with "may as well" stuff. We haven't mention the gearbox at all...

Final words... if a profit is your end goal, you need to dump it for $15k right now. As soon as you open it up, the margins disappear, and you will probably not get the chance for a larger profit (total outlay vs purchase price) percentage-wise in your lifetime with the car.

Have fun!

[NYNick]

^^^^ Micah hits the nail on the head and says it better than I ever could.

My son has a car similar to this. He bought it cheap (not as cheaply as you), did a lot of the work himself and farmed some out. The engine was merely refreshed, not rebuilt. It's a $30-40K car.

Yours will be a labor of love and a break even situation. If you're looking at it to make money, flip it, don't fix it.

[Matt Monson]

Agreed. There’s not much meat of the bone to flip this car after money is spent making it better. Spend the money on what gives you driving and owning satisfaction. Otherwise flip it now...

[Bigtoe32067]

^^^I’m with Matt on this^^
Tony

[Ozark]

Thanks for the excellent info and advice Micah. That's exactly what I was looking for. I do not intend to flip this car but I would like to preserve it for as long as reasonably possible. Keep in mind that I come from the 356 world, having purchased a rust bucket 27 years ago (which I'm now preparing to sell) and then proceeded to do a full blown, bare metal, rotisserie restoration, so I certainly know how one thing leads to another. I want to spend time on the Ozark roads, not in the shop. I will do as recommended and tend to the structural and safety issues...and drive like hell!

[Ozark]

Here it is (not sure why it posted sideways)

[Pedro '84 Coupe]

Nice! Prussian Blue kicks butt. Did you find a shipper yet? What part of Arkansas are you? I have some good buddies in Springdale. Beautiful area. I hope to make it to Porsche Palooza in Eureka Springs before I die haha.

[Ozark]

I'm about 80 miles east of Springdale, near Highway 7, one of the top 10 scenic drives in the US. Porsche Palooza makes a run in my area. Lambo, Ferrari, Miata, Corvette etc clubs too. But I'm having the car shipped to Little Rock where my son lives, figuring it'll be cheaper than delivering in the middle of nowhere where I live. I've contacted several shippers but haven't decided yet. Imoveauto, Montway, The Finest Carrier, and Reliable.

[micah]

Ozark,

Love it. Give 'er hell.